Coinbase plans to challenge the SEC’s crypto rulemaking petition

Coinbase Chief Legal Officer Paul Grewal today plans to take the cryptocurrency exchange to court again.-To deny the Commission's petition for company regulation at this time.

The US Securities and Exchange Commission today rejected a petition by Coinbase to clarify new crypto rules for the digital assets industry. America's largest cryptocurrency exchange last year presented A petition asking the SEC to propose and adopt new rules on how to regulate digitally native securities.

The SEC responded and dragged its heels, leading Coinbase in April Ask the court To push the higher controller by giving answers.

But the SEC today finally did: refusal. SEC Chairman Gary Gensler said, “The existing securities regime effectively regulates crypto asset securities. he said. In a statement Friday.

Grewal then responded in a post on X (formerly known as Twitter), stating that the company plans to contest the fallout. “After 18 months of silence, we went to court to get the response the law requires. After appraising a third court, today we're asking for help in challenging the SEC to step down,” he tweeted.

“Nobody who really looks at our industry thinks the law is clear or that there isn't more work,” Grewal added.

They have SEC and Coinbase Continually collided On crypto regulation in the world's largest economy.

San Francisco-based Coinbase, which allows people to buy and sell Bitcoin, Ethereum, and many other digital coins and tokens, the SEC says it is not clear enough with its rules; The SEC accused the crypto platform of selling unregistered securities in June hit The company with the big lawsuit.

Controversies are mainly focused. A hot topicCertain cryptocurrencies may or may not be securities. of The SEC's lawsuit against Coinbase Many top coins, including , are designated as unregistered securities Cardano, PolygonAnd Solana.

Gensler repeatedly said that most digital coins and tokens – except Bitcoin-They may fall into the category of unregistered securities, which means exchanges that allow their trading may face legal action from the regulator. Just last month, the SEC cracked down on another San Francisco-based crypto exchange, Kraken. with charges This basically reflects the dissatisfaction with Coinbase.

Not all members of the SEC are happy with today's decision. Commissioners Hester Peirce and Mark T. Uyeda he said. In their statement, they were disappointed that the commission did not organize these important discussions.

Commissioner Pearce has. It has already been criticized The SEC is “ambiguous” and “not interested in facilitating innovation and competition in financial markets.”

“Thank you two commissioners for not agreeing with the denial and calling for a real dialogue,” Grewal said on Twitter. “We need to work together to create laws and regulations that benefit consumers and American innovation, not defend against lawsuits based on legal positions that change from month to month.”

Edited by Guillermo Jimenez